China Enterprises Ltd. said that it entered into an agreement to sell its ownership interests in Hangzhou Zhongce Rubber Co. Ltd. to CZ Tire Holdings Ltd.
CZ Tire Holdings is paying $94.39 million in cash for China Enterprises' 26% share in Hangzhou Zhongce Rubber Co.
In addition to tires, Hangzhou Zhongce Rubber Co. produces carbon black and other materials used in the manufacture of tires.
The parties to the transaction anticipate that the transaction will close on or before Dec. 13.